1. SC upholds bankruptcy code, cites improved financial flows

In a whoop of victory for credits markets and entrepreneurship, the Supreme Court on Friday upheld the constitutionality of the Insolvency and Bankruptcy Code (IBC), saying the law sends a clear message that India is no longer “the defaulter’s paradise.”

“The defaulter’s paradise is lost. In its place, the economy’s rightful position has been regained,” a Bench of Justices Rohinton Nariman and Navin Sinha gave the IBC the thumbs-up in their 150-page judgment. The Code consolidates disparate bankruptcy and insolvency laws of the past under one umbrella.

“We are happy to note that in the working of the Code, the flow of financial resource to the commercial sector in India has increased exponentially as a result of financial debts being repaid,” the judgment observed.

It said the liquidation value of 63 of the 80 cases resolved through the acceptance of resolution plans was ?29,788.07 crore. But the amount realised from the resolution process was ?60,000 crore, that is, 202% higher than the liquidation value.

2. Bharat Ratna for Pranab, Deshmukh, Hazarika

President Ramnath Kovind on Friday conferred the Bharat Ratna, the nation’s highest civilian honour, on former President Pranab Mukherjee, along with social activist Nanaji Deshmukh (posthumous), and Assamese musician Bhupen Hazarika (posthumous).

4. ESI gains 1.8 crore subscribers, EPF adds 73.5 lakh

The Employees’ Provident Fund Organisation (EPFO) added 73.5 lakh subscribers between September 2017 and November 2018, according to government data released on Friday.

The EPFO is a retirement fund for employees in the formal sector. All firms employing more than 20 workers are required to subscribe to the scheme.

The Employees’ State Insurance Corporation (ESIC) gained more than 1.8 crore new subscribers over the same 15-month period. The ESI insurance scheme is applicable to firms with more than 10 workers each.

The data was released on Friday by the Central Statistics Organisation (CSO) of the Ministry of Statistics and Programme Implementation.

5. Nominations invited for ACJ award

The Media Development Foundation has invited nominations for the Asian College of Journalism Award for Investigative Journalism 2018.

MDF, the trust that administers the college, said journalists and news organisations can send entries for the award, which carries a prize money of ?2 lakh. Awards will be given for work(s) in the print/online category on May 3, the World Press Freedom Day, a press release said.

The submitted work must have been published in 2018. Entries can be sent by post or online.

6. Noted Hindi writer Krishna Sobti dies at 93

Eminent Hindi author and essayist Krishna Sobti passed away on Friday morning in a Delhi hospital, family sources said. She was 93. Born in 1925, Ms. Sobti was known for her writing on issues of female identity and sexuality. She was a recipient of many awards, including the Sahitya Akademi and Jnanpith awards, and was also offered the Padma Bhushan, which she had declined.

7. Audit report on Rafale deal not yet complete, says CAG

The Comptroller and Auditor-General (CAG) has not yet completed its audit report regarding purchase of the Rafale aircraft, according to its response to an RTI query this week. This erodes the basis of the Supreme Court’s December 2018 judgment on the Rafale case, according to RTI activists.

On December 14, the Supreme Court refused to embark on a judicial review into the deal for procurement of 36 Rafale fighter jets. One paragraph of its judgment, however, caused considerable controversy. The verdict said, “The pricing details have, however, been shared with the Comptroller and Auditor-General (CAG), and the report of the CAG has been examined by the Public Accounts Committee (PAC). Only a redacted portion of the report was placed before Parliament and is in the public domain.”

The Centre petitioned for a correction of the statement, saying that the court had “misinterpreted” its submission. It said that while the government had already shared pricing details with the CAG, the CAG’s report “is examined” by the PAC, referring to the procedure which would be followed as and when the CAG report is ready.

8. 112 persons named for Padma awards

Former ISRO scientist S. Nambi Narayanan, who was falsely accused by the Kerala police of spying, was selected for the Padma Bhushan on the eve of Republic Day.

This year, the President has approved the names of 112 winners for the Padma awards. The list comprises four Padma Vibhushan, 14 Padma Bhushan and 94 Padma Shri awards. Twenty-one of the winners are women. The list includes 11 persons from the category of Foreigner/NRI, three posthumous and one transgender. John Chambers, chairman of IT major Cisco, who participated in Vibrant Gujarat summit last week, was selected for the Padma Bhushan. So were renowned journalist Kuldip Nayar (posthumously) and Kerala actor Mohanlal.

9. India, South Africa seal partnership deal

India and South Africa on Friday agreed on a three-year strategic partnership agreement to boost relations.

The agreement, signed during the visit of President Cyril Ramaphosa, will cover defence and security, blue economy cooperation and sustainable development.

At the end of the delegation-level talks, Prime Minister Narendra Modi highlighted the scope for cooperation.

India also invited South Africa to join the International Solar Alliance (ISA) and congratulated it on securing the non-permanent membership of the UN Security Council for 2019-20.

A joint statement acknowledged the growing interaction between the Navies of the two countries, and the Indian leader welcomed the South African participation in the India-Africa Field Training Exercise next March.

The statement reiterated the role of the Indian Ocean Naval Symposium (IONS) that ensures freedom of navigation by keeping sea lanes free and secure.

Speaking at the first IBSA Gandhi-Mandela Freedom Lecture, organised by the Indian Council of World Affairs, Mr. Ramaphosa highlighted the common heritage of struggle and the common aspiration of non-discriminatory national and international politics.

10. In rare honour, Army chief finds a place on medal list

In a rare gesture, the Chief of the Army Staff, General Bipin Rawat, has been awarded the Param Vishisht Seva Medal (PVSM) for distinguished service on the eve of the 70th Republic Day.

Lance Naik Nazir Ahmad Wani has been posthumously awarded Ashok Chakra, India’s highest peace time gallantry award. Kashmir’s first Ashok Chakra winner was awarded the Sena Medal in 2007 and 2018. The award will be presented by President Ram Nath Kovind to his wife, Mahajabeen, at the Republic Day parade.

“Since his enrolment in the Army, Lance Naik Nazir Ahmad Wani epitomised qualities of a fine soldier,” the citation reads. The award comes for his role in a counter-terrorist operation on November 25, 2018, against six terrorists at Hirapur village near Batgund in Kashmir.

11. 855 police personnel to get medals

As many as 855 police personnel were selected for awards on the occasion of Republic Day.

Pradip Kumar Panda and Rajendra Kumar Nain, Central Reserve Police Force constables, have been selected for the Kirti Chakra posthumously. Assistant Commandant Zile Singh has been selected for the Shaurya Chakra for showing exemplary bravery during a fidayeen attack on a CRPF camp at Lethpora in Awantipura district of Kashmir on the December 30, 2017.

The Police Medals for Gallantry will be given to 146 personnel, President’s Police Medals for Distinguished Service to 74 and the Police Medals for Meritorious Service to 632.

Among those selected for the gallantry medal, 41 are from the CRPF, 26 from the Odisha police, 25 from the Jammu and Kashmir police, 14 from the Chhattisgarh police, 13 from the Meghalaya police, 10 from the Uttar Pradesh police, eight from the Border Security Force, four from the Delhi police and three from the Jharkhand police. One each is from the Assam Rifles and the Indo-Tibetan Border Police (ITBP).

Assistant Commandant Anurag Kumar Singh of the ITBP has been selected for the gallantry medal as he was part of the team that killed Lashkar-e-Taiba commander Abu Dujana in J&K in 2017. CISF constable Sushil Bhoi was awarded the ‘Jeevan Raksha Padak’ for rescuing a 14-year-old boy trapped in a crevasse in a high-rise building in Ghaziabad.Eight-six personnel have been selected for the Fire Service Medals. As many as 58 will be given the Home Guard and Civil Defence Medals.

12. Greek Parliament approves Macedonia name-change deal

Greek lawmakers ratified an agreement on Friday to end a nearly three decade-long dispute over neighbouring Macedonia’s name, a landmark vote intended to clear the small country that will be renamed North Macedonia on the path to NATO membership.

The deal passed with 153 votes in the 300-member Greek Parliament, two more than needed. It had faced fierce opposition and cost Prime Minister Alexis Tsipras his parliamentary majority after a right-wing partner in the governing coalition quit in protest.

Under the deal, Macedonia changes its name to North Macedonia and Greece will drop its objections to the country joining NATO and eventually the European Union.

Friday’s vote came after three days of acrimonious parliamentary debate and numerous street protests, some of which turned violent.

Greece has long argued use of the term Macedonia implied territorial claims on its own northern province of the same name. The issue has been a contentious one for decades, and has whipped up nationalist and patriotic sentiment in both countries.

13. Abbreviations:

Employees’ State Insurance Corporation (ESIC)

Employees’ Provident Fund Organisation (EPFO)

Central Statistics Organisation (CSO)

Indo-Tibetan Border Police (ITBP)

14. Things to Remember:

President of India – Shri Ramnath Kovind

15. Improve your Vocabulary:

aggravate

Meaning 1 – Make (a problem, injury, or offence) worse or more serious

Current Affairs is an important GK topic for UPSC, NDA, CDS, AFCAT, Air force X & Y Groups, SSC, and other competitive exams. Every year in UPSC, SSC and Bank there are few questions from Current Affairs